Rashtriya Ispat Nigam Limited – Visakhapatnam Steel Plant (RINL-VSP) has been awarded first position in cost management by the Institute of Cost Accountants of India (ICAI). The ceremony was held virtually on Wednesday, 29 September 2021.
Earlier in 2021, ICAI President CMA Biswarup Basu had written to RINL Chief Managing Director, informing about this award. This awards presentation ceremony was originally scheduled to take place on 8 April 2021 but had to be postponed due to the ongoing Covid-19 pandemic. Now, the institute has chosen to conduct the ceremony virtually.
As part of the 17th National Awards for Excellence in Cost Management – 2019, RINL was bestowed with First Position in the ‘Manufacturing-Public-Mega’ category. This award has been given to RINL in recognition of its efforts in cost management. The awards list was finalised by a jury meeting held on 24 February 2021.
Representing RINL-VSP at this ceremony was the Director (Finance), VV Venugopala Rao, who received the award on behalf of the organisation. Newly-appointed Chief Managing Director, Atul Bhatt, was also in attendance, congratulating all the Visakhapatnam Steel Plant employees and the Finance Department in particular for their efforts in bagging this award.
Earlier in August 2021, RINL had been commended by the Union Ministry of Power for complying with the Perform Achieve and Trade (PAT) second cycle energy targets. Now, this First Position award is another feather in RINL-VSP’s cap as it heads towards strategic privatisation, which was announced by the Central Government earlier in the year. This move has drawn criticism from a broad section of people in the city.